Real Gross Domestic Product: Accommodation (721) in Colorado
COACCOMDRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
4,822.70
Year-over-Year Change
47.97%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the real gross domestic product (GDP) of the accommodation industry (NAICS 721) in the state of Colorado. It is an important indicator for understanding the performance and contribution of the tourism and hospitality sector to the state's overall economic activity.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
The Real Gross Domestic Product: Accommodation (721) in Colorado series tracks the inflation-adjusted output of the accommodation industry, which includes hotels, motels, and other lodging establishments. This metric provides insight into the growth and productivity of a key component of Colorado's service-based economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using national income and product account (NIPA) methodology.
Historical Context
Policymakers and industry analysts use this trend to monitor the health and competitiveness of Colorado's tourism and hospitality sector.
Key Facts
- Colorado's accommodation industry accounts for over 5% of the state's total GDP.
- The accommodation sector in Colorado has experienced steady growth over the past decade.
- The COVID-19 pandemic had a significant negative impact on Colorado's accommodation industry in 2020.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real gross domestic product (GDP) of the accommodation industry (NAICS 721) in the state of Colorado.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insight into the performance and contribution of Colorado's tourism and hospitality sector, which is an important part of the state's economy.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using national income and product account (NIPA) methodology.
Q: How is this trend used in economic policy?
A: Policymakers and industry analysts use this trend to monitor the health and competitiveness of Colorado's tourism and hospitality sector, which informs economic development strategies.
Q: Are there update delays or limitations?
A: The data is published quarterly by the U.S. Bureau of Economic Analysis, with a typical release lag of 2-3 months.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Accommodation (721) in Colorado (COACCOMDRGSP), retrieved from FRED.